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Patent Attorney Chicago, IL

Do you have a solidified idea or great invention? If so, you could generate profit on it; however, before you begin to pursue financial rewards for your creation it is very important that you seek commercial protection.

Lawyers have helped numerous people register and secure their intellectual property, and also guide them through the entire licensing process to ensure their idea or invention is properly documented. If you’re interested in learning more now, we encourage you to call a lawyer as soon as possible.

How an Intellectual Property Lawyer Can Help You

Intellectual property lawyers are often a form of business lawyer who provides a broad range of services, such as:

Researching and filing for intellectual property types

Drawing up confidentiality agreements

Drafting licensing agreements

Drafting contracts

Reviewing agreements and contracts

Negotiating agreements and contracts

Arbitrating or litigating a breach or infringement

Providing counsel on prospective business relationships

Advising you of your situation

Protecting your intellectual property rights

The intellectual property lawyers of our firm has decades of experience in law and also understand the many complexities that can, and often do, arise. This knowledge sets us apart from other firms and general lawyers and can be invaluable to you and your intellectual property.

Understanding Licensing Agreements

A licensing agreement can be made for any type of intellectual property. It is a contract between you, the licensor, and another party, the licensee, which grants the later party to use all or some of the intellectual property. In return of you granting this permission, the licensee may give you royalties or a sum of money that has been agreed to and laid out within the licensing agreement.

The benefits of licensing your intellectual property are broad; however, before you agree to anything, it is important to make sure every detail and potential outcome has been considered. Once this has been completed, you may benefit from:

Avoiding high costs of manufacturing or distribution

Release your product to the public in a timely manner

Reduce your risks against potential losses

Get the most out of your idea or invention

Tips to Consider About Your Licensing Agreement

If you are the licensor of IP, you should seek a licensing agreement that gives you results now and in the future. The worst thing you could do is to make a knee-jerk reaction without the help of a lawyer, and ultimately lose out on royalties and benefits. Tips that can encourage you to make the right decisions are as follows:

Do not underestimate the investment needed

Do not undervalue your creation or idea

Keep in mind that your creation or idea is yours; this can give you leverage